Ocean Floor Geophysics, PGS Complete Towed Streamer CSEM System Transaction

Norwegian seismic data firm PGS has completed the sale of the hardware, software, and intellectual property associated with the company’s towed streamer Controlled Source Electro-Magnetic (“CSEM”) system to Canada's Ocean Floor Geophysics, Inc (“OFG”).

PGS said the towed-streamer CSEM technology was a state-of-the-art system, allowing for the acquisition of high-quality marine CSEM data in a fast and efficient manner with minimal environmental impact. The system complements existing CSEM technology to permit a broad operating envelope.

The sale and purchase deal was first announced back in September 2020.

Berit Osnes, EVP New Energy of PGS said. “We are very pleased to conclude the transaction with OFG, whereby we receive shares in OFG and open up for a closer collaboration. OFG’s expertise in Multiphysics (the combination of different geophysical measurements) is unparalleled and particularly important in the emerging markets for our New Energy business. Together we cover the space from large scale towed CSEM and seismic surveys to full range of AUV-based geophysical measurements at ultra-high resolution.”

“OFG has been working with PGS for approximately a year to further develop the market for marine CSEM technology. We have been encouraged by the interest in the system and are delighted to have completed on the acquisition of the technology.” says Matthew Kowalczyk, CEO of OFG.

Dr. Lucy MacGregor, Principal Scientist at OFG Multiphysics adds: “With the addition of the towed-streamer CSEM system developed by PGS, OFG now offers the broadest range of CSEM technology in the industry, covering both surface towed and AUV based systems, applicable to a variety of applications including decommissioning and environmental studies, offshore windfarms, seabed mineral exploration and offshore ground water studies.”